Firestone hits high-grade in Torlon Hill drilling

VANCOUVER — Firestone Ventures (FV-V, FSVEF-O) has been pulling some high-grade zinc-lead-silver core out of the ground at its Torlon Hill project in western Guatemala.

Firestone recently completed a 36-hole drill program at the small property. The latest set of results included hole 81, which cut 3.2 metres from surface grading 20.42% zinc, 6.02% lead and 23.38 grams silver per tonne, and 6.6 metres from 11 metres depth grading 29.41% zinc, 5.5% lead and 20.92 grams silver. The hole was drilled as an infill hole near the eastern boundary of the mineralized zone.

Some 100 metres southeast, hole 85 returned 13 metres from surface grading 4.1% zinc, 2.25% lead and 7.5 grams silver. In between those two results, hole 82 hit 3 metres from surface averaging 17.65% zinc, 2.6% lead and 10 grams silver.

Hole 74, collared on the western edge of the zone across from hole 81, returned one of the longest intercepts to date: 39.6 metres grading 5.14% zinc, 1.81% lead and 17.81 grams silver from 68 metres downhole. Nearby, hole 78 returned 12 metres of 6.58% zinc, 3.46% lead and 20.48 grams silver.

Mineralization at the intensely oxidized zone consists largely of smithsonite–azinc carbonatemineral — crosscut by galena veinlets. The deposits dips shallowly to the southeast, strikes for 400 metres, varies in width from 20 to 100 metres, and is up to 30 metres thick. The zone is still open to the west and south.

Firestone gained 2 on the drilling news to close at 40 in June 2 trading. The junior has a 52-week trading range of 37-76 and has 65 million shares issued.

In other news, the company still plans to spin out its Canadian assets into a new company called Northern Tiger. The new entity would hold Firestone’s Sonora Gulch gold-silver project in the Yukon as well as its Alberta Sun uranium property. Northern Tiger has signed an acquisition agreement with Sherwood Copper’s (SWC-V, SWOPF-O) wholly owned subsidiary MintoEx, owner and operator of the Minto copper mine, 40 km east of Sonora Gulch. Under the agreement, MintoEx will receive a 25% interest in Northern Tiger in advance of a proposed $1-million financing in exchange for five sets of claims in the Minto region as well as MintoEx’s extensive Yukon exploration database. MintoEx and Northern Tiger will also work together in a regional exploration alliance to explore the Dawson Range area.

Under the proposed spinoff, Firestone shareholders will receive one Northern Tiger share for every five shares of Firestone. The plan requires approval at a shareholders’ meeting to be held later this month.